All Forum Posts by: Justin B.

Some serious jealousy here :)

I've got 10 years on you and only a third of the properties.

Congrats on all your success!

I haven't read all the responses but EVERYONE looks for a little different metrics.  I personally invest for cash flow.  While other metrics are important, that is #1.  If a deal doesn't meet my cash flow goal I don't do it.  In the area I'm in, I shot for ~$300/month per $100k purchase price.  I've gotten some more and some less.  I've had $200/month on a $20k property and $150/month on a $70k property.  I have a few turnkeys so my requirements are a little less due to the reduced amount of effort.  Having a hard and fast number is a little unrealistic.  Turning down a deal because it's $1 below what you want doesn't make sense.  When I'm within range, I look at other factors, like how much cash I have to put in, CashonCash return, and other metrics to push me in one direction or another.

So if I look at a $75k deal and my 5 minute analysis spits out $50/month, I just move on.  If it spits out $150-$200/month or more, I dive deeper.  In the end, it matters what you are comfortable with and what makes the deal feel right to you that's important, not what others consider "good".  Keep in mind, by adjusting some items like loan terms, down payment, closing costs, etc, you can "manipulate" other metrics so be careful.  $500/month on a $70k house sounds great, but not if it requires all cash ($70k spent).  So just make sure all your numbers align, make sense, and you feel comfortable with them and then proceed.

Nowadays, yes, way too much.  I've only purchased sub $100k properties so far but I usually put $2k of earnest money.  The % varies as that's the amount I put for anywhere in the $60k-$80k range.

Again, I got confused.  We buy with Buy Memphis Now.  See the post right above this one :)  Sorry for the confusion.

Sorry, my mistake.  We're buying from BuyMemphisNow (Curt Davis's group).  I think someone else had mentioned Curt somewhere in the thread and it threw me off.  We're buying our third with BuyMemphisNow.

However, I will say I've heard nothing but great things about Memphis Invest, although I don't have any direct experience with them.  Sorry for confusing everyone :)

Memphis

We're actually in the process of buying our 3rd with Memphis Invest and are just as satisfied.  I'm sure there are a lot of bad turnkey's out there but Memphis Invest is not one of them.

I would do nothing different than I've done so far, I just would have started at 19. :)

@Christine NievaYes, we are.  We actually moved it to Meetup.com for tracking, RSVP's, etc.  The link is:

http://www.meetup.com/Gaithersburg-BP-Real-Estate-Meetup

@Christine Nieva

I'll keep it simple.  NO!